{"id":1643,"date":"2012-10-16T11:15:20","date_gmt":"2012-10-16T03:15:20","guid":{"rendered":"http:\/\/blog.imoney.my\/?p=1643"},"modified":"2014-07-09T14:18:40","modified_gmt":"2014-07-09T06:18:40","slug":"motor-insurance-for-old-car","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/motor-insurance-for-old-car","title":{"rendered":"Getting Motor Insurance For An Old Car"},"content":{"rendered":"

\"Old_car\"<\/a><\/p>\n

So you\u2019ve got a beat-up old car whose age is way older than your kids in kindergarten, and while you\u2019re itching to get a new vehicle, this old baby here contains traces of memorabilia which you\u2019d like to keep.<\/p>\n

Now, most insurance companies are less keen on insuring old cars, especially those which are no longer under a hire purchase arrangement. One \u2013 it\u2019s because old cars are perceived to be high-risk and are more accident-prone. Hence, insuring them would contribute less to the profit margins of the insurers. Two \u2013 it\u2019s due to the difficulty in valuing and reinstating old vehicles.<\/p>\n

So what do you do?<\/p>\n

<\/span>Malaysian Motor Insurance Pool (MMIP)<\/span><\/h2>\n

Here is where the Malaysian Motor Insurance Pool (MMIP) comes in. It is a high-risk special purpose entity set-up and operated collectively by all general insurance companies operating in Malaysia. This particular body will insure those unable to obtain motor insurance cover in the market. The pool was established in 1992 and is currently managed by MMIP Services Sdn Bhd (MSSB), a subsidiary of MNRB Holdings Bhd (MNRB).<\/p>\n

There are two ways to go about applying for an MMIP policy. The first option is to go to either of the two Servicing Insurers \u2013 Uni.Asia General Insurance Bhd<\/em> or Multi-Purpose Insurance Bhd<\/em>. The second option is through any of the Pos Malaysia Bhd outlets in Malaysia.<\/p>\n

MMIP in general offers both third-party and comprehensive motor insurance packages. Nonetheless, a comprehensive coverage is only available for vehicles with existing Hire Purchase Loans. Though the two Servicing Insurers provide policies for all kinds of vehicles, Pos Malaysia is limited only to motor cycles, private cars, town\/public taxis, factory buses, stage buses and school buses.
\nThe main exclusions under the MMIP motor insurance cover are vehicles on rails, vehicles not running solely on roads, racing or speed-testing vehicles and liability for goods carried in vehicles.<\/p>\n

<\/span>Applying For An MMIP Policy<\/span><\/h2>\n

To apply for an MMIP policy, simply refer to the two Servicing Insurers (i.e. Uni.Asia General Insurance Bhd or Multi Purpose Insurance Bhd) and submit your documents to either firm. For those who prefer to apply through Pos Malaysia, please check the address of the Servicing Insurer noted on the Policy Schedule and submit your documents to either the two insurers selected by you.<\/p>\n

Below is a list of the general documents needed to apply for an MMIP policy:<\/p>\n

A) Required Documents:<\/strong><\/p>\n